Flash eurozone PMI ticks higher in August

August business survey data signalled that growth of eurozone economic output held broadly steady at a solid pace, according to the latest Flash Eurozone PMI.

At 54.1, the Markit Flash Eurozone PMI ticked higher from July’s final reading of 53.9 and remained at an expansionary level for the twenty-sixth successive month.

“The pace of increase was one of the fastest seen over the past four years. Positive contributions to growth were provided by both the manufacturing and service sectors, with rates of expansion accelerating in both cases.

“Companies in both sectors indicated that output had been raised in response to increased levels of incoming new work, including stronger growth of new export orders at manufacturers,” Markit says.

Meanwhile, business optimism at service providers remained moderately positive despite slipping to an eight-month low. Confidence eased in Germany and outside of the big-two nations, but stepped up to its highest level since March 2012 in France.